8 Situations That Prove Insuring Your Engagement Ring Is Worth It

Planning to propose soon? An engagement ring is likely one of the biggest purchases you’ll ever make, both in sentiment and cost. There are a few options when it comes to insuring a ring: If you have homeowners or renters insurance, you can add a jewelry rider to your policy, or you can purchase stand-alone personal articles insurance. But to make sure you’re covered in the unfortunate event of theft, loss or damage—anywhere in the world—you need an insurer that specializes in jewelry. (Our founder uses Jewelers Mutual Insurance Group.) Need more convincing? If you ever find yourself in one of the unlucky scenarios below (they happen more often than you’d think!), you’ll be happy you took the extra step to insure that most prized of possessions.

1. You’re proposing abroad.

Vacations are supposed to be stress-free, but we all know that mishaps, well, happen. Traveling with a ring in your pocket or hidden in a suitcase can be daunting, especially if you have to go through customs. Theft or loss while abroad is one of the most common insurance claims—especially when we’re talking about possessions as tiny as jewelry. But, if you added your ring to your homeowners policy, you might be out of luck—they may not offer coverage while traveling overseas.

A wild and crazy proposal—think jumping off a 400-foot cliff or diving deep into the Pacific—is a heart-pounding experience neither of you will soon forget. If you decide to go this route, jewelry insurance is a must. There’s no shortage of things that could go wrong if you’re bringing a diamond to the top of a mountain or the bottom of the ocean. Don’t let the happiest day of your life turn into the saddest (and most expensive) day instead.

We’ve seen more cases than we can count where a simple proposal goes very wrong—especially when you’re at the whim of Mother Nature. Take this guy, who proposed in a wooded area near a stream. When his girlfriend turned around to find him on one knee, she wondered why he was holding an empty ring box. Accidentally knocking a ring out of its box could happen to anyone, anywhere, but the fact that these two were standing in running water when it happened made it even more devastating. (Thankfully, this story does have a happy ending: After returning to the stream armed with metal detectors, they got it back in perfect condition!)

You’ve certainly heard about the guy who dropped his ring right as he was proposing at a Yankees game—while being featured on the Jumbotron, no less. Thankfully, with the help of fellow baseball fans, he found it. But just think if he hadn’t. The average cost of an engagement ring is $6,351. Can you imagine being on the hook for that twice? A ring of that value could cost less than $100 a year to insure. Sounds worth it to us.

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5. You’re friends with this guy.

Loving your friends and trusting them with your precious engagement ring are two very different things. But if you must hand the ring off to a klutzy pal for “safekeeping,” only do so after you’ve taken out an insurance policy on it.

6. You’re the victim of a robbery (or just a disappearance).

Theft happens—a lot. In 2016, US households experienced 15.9 million property crimes. Pretty shocking, if you ask us. And because jewelry is light and easy to carry, it’s often the first thing thieves go for. But even if you don’t quite know what happened to your ring, Jewelers Mutual has you covered for any “mysterious disappearance.” Took your ring off while gardening and can’t be sure whether some person (or animal) swiped it? Not a problem.

7. You’re the victim of bad luck.

Yes, diamonds are naturally tough and durable, but rings are not superheroes! You might accidentally hit your ring on a countertop and knock a gemstone loose, or catch one of the prongs on your sweater and it twists. No matter the cause, if your ring becomes damaged, jewelry insurance has you covered. And unlike most traditional homeowners policies, which usually dictate the specific jeweler you can work with to file your claim, Jewelers Mutual allows you to go to any jeweler you choose to repair or replace the ring with the same kind and quality as your original.